Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

Consumer Foodservice in South Korea

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Executive Summary

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Consumer foodservice continues to display growth in 2017

Consumer foodservice continued to grow in 2017 in terms of value, transactions and outlet numbers in South Korea. Although South Korea was still experiencing an economic downturn in 2017, the GDP growth rate increased faster than in previous years.

The rapidly increasing number of single-person households and broadening trends for mobile transactions affect consumer foodservice in many ways. The demand for simple meals such as 100% home delivery/takeaway or fast food is therefore increasing accordingly.

Paris Croissant Co Ltd leads consumer foodservice

Paris Croissant Co Ltd has led consumer foodservice for many years in South Korea. With its premium brand image in bakery products fast food, the company is constantly increasing its value sales and outlets in South Korea.

Chained consumer foodservice has advantages to gain share over independents

Although independent foodservice grew in value sales, transactions and outlet numbers in 2017, chained foodservice showed a better performance. As chained foodservice is mostly operated by large global brand owners, they are likely to have a higher number of resources to adapt to the latest technologies and environment in South Korea.

Consumer foodservice is expected to grow during the forecast period

Consumer foodservice is expected to record stable value growth during the forecast period, although this will be slower than the average growth rate recorded over the review period at constant 2017 prices, as the forecast for the South Korean economy is not strong. To attract a higher number of consumers under economic slowdown, an increasing number of operators will actively develop their new products and launch innovative services based on the latest technologies.

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